If you do put in a Turbo, consider using a head from a Turbo also. The exhaust valves on a Turbo motor are filled internally with Sodium (chemical symbol: NA) to give better heat dissipation and avoid cooking the exhaust valves.
God bless,
Fitz Fitzgerald.
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'87 Blue 245, NA 214K

Franco - drop a small block Chevy V8 in...you'll go faster!

Read this thread, and search related topics over at Turbobricks. Yes, it can be done. It's not that hard IF you know what you're doing and are willing to tweak and tune and maybe even break something. Read up before you consider such an extensive change.

Stuff that is pretty easy for your NA motor:
1) Full tune-up - new plugs, cap, rotor, maybe wires, clean air filter (maybe get Amsoil or K&N?), fuel filter, no vacuum leaks, fuel system in good shape. Advance ignition timing to around 16deg advance if you can. Run good gas.
2) cat-back exhaust (2.25" - 2.5") like the one offered by ipd (>$200).
3) cam - B, K, VX, Enem V15 are common choices, prices range from $25-$300.

This stuff will put you at maybe 120-130HP, if everything is in good shape.
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Speed Racer, '83 240 R, '74 164 E, '93 940 OL1 (Manchester, CT)

Well of course you CAN. Anything's possible, given sufficient time and money. But essentially, what you say is correct- you can't just bolt on a turbo for some instant horsepower. The turbo engines are a different package than the standard engines- there are lower compression pistons, different exhaust valves, and oil lines that need to be added. The better, late turbos also require water cooling hoses, and an oil cooler. There is also an extension block for the oil filter to relocate it into a better place.
The simplest conversion for this car would be a complete drivetrain from a 81-85 240 turbo. You'd need the engine wiring harness and all the plumbing.
Alternately, you could go with anything up to the late 940 engine with a few modifications, like relocating the distributor from the cam-driven one.
Again, you'd need the wiring harnesses, all the plumbing, an intercooler- most of the stuff from a complete wrecked 940 or 740T basically.
IS it worth doing? Probably not, but there's never really a justification for engine-swap projects. If you have plenty of cash resources, go for it.
On the other hand, a performance cam for $189 would make the B21 a lot more fun.
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Rob Bareiss, New London CT ::: '86 244DL- 215K, 87 244DL- 230K, 88 744GLE- 198K, 91 244 180K